Accounting for IGCSE & O level - Accounting Procedures (Section 18 - No. 34)
The trial balance has the following errors, payment to an employee of £500 was debited to wages and credited to the bank account, and a purchase of £45 has been omitted. Which is the impact on the financial position?
The trial balance is affected.
The profit is affected
The balance sheet is affected
The journal ledger is affected
Explanation
Both errors have a direct impact on the balance sheet. The profit will not be affected.
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